[lytefooted]

Hypothetically speaking, if i deposit $25,000 into a bank account from online gambling winnings, will it be audited by the irs from the bank reporting it or looking suspicious? For instance, if i placed a shot-in-the-dark wager online for a team to win the championship or a multi-team parlay, and the payout is $25,000 if it hits. it might be unlikely, but if i do win will the large deposit draw the attention of the irs? it's an offshore online sportsbook. if so, what are some suggestions to receive the funds without drawing attention? Are there any international debit cards or banks that aren't monitored? I am from one of the few states that outlaw online gambling, and don't want the attention because of that. I won't mind paying the taxes on the winnings. Thanks for any suggestions.

[acw]

Even if you were to have a bank account in Switzerland, you are not allowed to receive gambling funds!

[lytefooted]

Even if you were to have a bank account in Switzerland, you are not allowed to receive gambling funds!

you non-u.s. players are lucky

[acw]

I do not think living in the USA or not is that much of an issue. Many banks world wide simply consider gambling money dirty money and do not wish to receive any.

[fearless]

For that much money, why don't you travel to the sportsbook and get your money in person?

[lytefooted]

I do not think living in the USA or not is that much of an issue. Many banks world wide simply consider gambling money dirty money and do not wish to receive any.

well, they might not like the ethics of it but they'll have no choice wherever it's legal.

[lytefooted]

For that much money, why don't you travel to the sportsbook and get your money in person?

That's a good idea, but the x-ray scanners at the airports make that impossible. Oh well, it's probably a 1 in a million chance I would hit the wager anyway, just curious if by chance it did happen.

[BigGulpsHuh?]

Err, sportsbetting online is illegal anywhere in the US from my understanding (moreso in some some states than others though I believe not sure how it works). If you win you'll be fine getting it in the bank. It obv. has to attract attention though, since any deposit into a bank over 10k has to have some kind of IRS form filled out can't remember what it's called. The IRS frankly doesn't care where your money comes from. You run a meth lab out of your closet? Fine. The IRS couldn't give a flying f*** they just want your taxes.

Atleast this is how it works with Poker bank wires which i've gotten hefty ones before, that were fine. I assume it works the same. You get audited as a result of not paying taxes or suspected not to, make sure you keep accurate records of your bets since if you do end up getting audited you have the records of how much you made and you can point to the gambling income you should be reporting on your tax return.

[Pedro]

Even if you were to have a bank account in Switzerland, you are not allowed to receive gambling funds!

Do you mean for US players? Or non-US players also?

Are you saying that they would refuse the wire transfer from a gambling operation?

I am just wondering because I don't see how a Swiss bank would be able to tell that the bank account the money is coming from is a gambling operation.

On a personal note, I have cashed a cheque from Neteller and a cheque from Chexxx (former Sports.com processor) at a Swiss bank and they did not ask any questions what so ever.

Btw, I am Canadian.

Pedro

[acw]

On a personal note, I have cashed a cheque from Neteller and a cheque from Chexxx (former Sports.com processor) at a Swiss bank and they did not ask any questions what so ever.

I am not saying that it is impossible to receive funds from a gambling organisation, but their rules state that you cannot, so if you were to receive these kind of amounts often, then do not be surprised, if they close your account one day.

[slash]

I do not think living in the USA or not is that much of an issue. Many banks world wide simply consider gambling money dirty money and do not wish to receive any.

nm...

[vanzack]

The amount of misinformation in these forums is staggering. This thread has no shortage.

Here are the facts:

1. It is totally legal at the federal level to place wagers and collect on those wagers. If your state has a law you can rest assured knowing that in all of the US states there has only been one time where charges were brought up (google Jeffrey Trauman North Dakota) and this never even went to court. So yes, it is illegal in your state, but based on history your chances of being harassed in any way are the same as Reggie Ball going to the NFL hall of fame.

2. Your bank does not fill out any forms when you deposit a check. The guy who said that they fill out a form when it is 10K or more is wrong. They fill out a FINCEN form when you have over 10K in cash on you. Google "Fincen form 10K". Its not even an IRS form and doesnt show income. But in any case, its irrelevant here.

3. Most likely, your bank wont flinch at a 25K check. To you, that might be big, but to your bank its nothing. The check wont say "GAMBLING" in big letters on it. You would be surprised to know that the teller at your bank is not plugged in to the gambling world and has no idea if your check is business related or whatever. The last thing they will think is gambling.

4. You should pay your federal taxes on it. If this thread is asking "how can I deposit 25K and not pay taxes?" then I cant help you. NOBODY can estimate the chances of you being audited or the risk you take by avoiding taxes - everyone can speculate but nobody knows those numbers. So why not just pay the taxes? If you pay them, you have ZERO to worry about. The only trouble you can get in here is not paying taxes. That is the only trouble that gamblers have gotten in to - tax evasion. If you place bets and pay taxes - you have zero to worry about. If you take bets, dont pay taxes, or go to great lengths to hide taxes you have stuff to worry about.

So get your check, pay your taxes, and dont worry about anything.

[lytefooted]

The issue isn't if the taxes would be paid (I stated in the first post I wouldn't mind paying it), but the attention it would garner. Though one person almost has ever been charged with it, it would still be best to keep it low profile as possible. Biggulps is right, it's illegal to sportsbet anywhere in the states, but some states outlaw all forms of online gambling (which inludes the poker and other casino games). Btw, why is horserace betting allowed in some states? It's also a game of chance. Anyway, with all that is goiing on with terrorism and mafia, wouldn't a deposit that large come to their attention, if not for gambling, for money laundering suspicions?

[vanzack]

The issue isn't if the taxes would be paid (I stated in the first post I wouldn't mind paying it), but the attention it would garner. Though one person almost has ever been charged with it, it would still be best to keep it low profile as possible. Biggulps is right, it's illegal to sportsbet anywhere in the states, but some states outlaw all forms of online gambling (which inludes the poker and other casino games). Btw, why is horserace betting allowed in some states? It's also a game of chance. Anyway, with all that is goiing on with terrorism and mafia, wouldn't a deposit that large come to their attention, if not for gambling, for money laundering suspicions?

Once again, 25K is not a large deposit. It might be to you, but it isnt in the banking community. It actually isnt to most people. If you sold your car you might get a check that big, certainly when you do a house transaction it would be. There are tons of reasons why a normal person would get a 25K check.

Money laundering is not relevant if you are paying your taxes and you arent a terrorist. A 25K deposit certainly isnt anyting that would make your bank suspicious that you are a money launderer - if so almost everyone in the US would be under suspicion.

Look - if you pay your taxes you are doing everything legal. The only thing that could happen (very remote chance) is that your bank decides they dont want you as a customer - and if this happens there are about 1000 banks out there waiting for your business. This happened to me last year after about 250 neteller EFT's in both directions. They simply said "this looks more like a business account than a personal account" and asked me to open a business account or leave the bank. I left the bank.

Really, in conclusion, this is a non-issue if you pay your taxes. All of these posts from people that think you should be nervous are from people who have never done this before. If you think this is a big deposit, go over to the 2+2 poker forums and read up over there. Every time I think I am a big fish I go read over there - those poker players are doing millions in transactions. A 25K deposit here and there is nothing to be concerned about at all.

[TLD]

A reader would be well served by ignoring all the responses in this thread except the posts by Vanzack.

“The amount of misinformation in these forums is staggering. This thread has no shortage.” And that’s putting it kindly.

[Lucas]

yep

i only know i have a contact at swiss major bank, who like gambling money, and i know i will not post it here

you can try send me PM, i will maybe answer, my altruism is also limited

[vanzack]

Even if you were to have a bank account in Switzerland, you are not allowed to receive gambling funds!

And this response makes me laugh.

Do you realize that gambling is legal, regulated, and sanctioned in almost every country of the world except the good old USA?

So you mean to tell me that in countries like Antigua, England, hell - most of the world - it is legal to gamble but you are "not allowed to receive gambling funds"?

[lytefooted]

25k is alot for me, I guess I'm not as experienced in dealing with the financial transactions or much of a high roller as alot of you are. Vanzack, your points help to ease any concerns shall I hit paydirt on the wager, or any other future winnings of the type. Thanks for all the info and insight on this subject guys, it's much appreciated.

[Halo]

I think I would break it up into small varying increments (5kish). This will prevent your book from "looking into your account" and limiting your future wagers. Plus your well below the amount where they are going to report the transfer.

I would like to point out you only have to pay taxes on winnings over 10k for the year. If your dealing with a good book (which I hope you are). I might even leave the money in your account for another year and take it out 10k a year.

[TLD]

I would like to point out you only have to pay taxes on winnings over 10k for the year.

Source please.

[vanzack]

I think I would break it up into small varying increments (5kish). This will prevent your book from "looking into your account" and limiting your future wagers. Plus your well below the amount where they are going to report the transfer.

I would like to point out you only have to pay taxes on winnings over 10k for the year. If your dealing with a good book (which I hope you are). I might even leave the money in your account for another year and take it out 10k a year.

Source not necessary.

FLAT OUT WRONG.

Where do people come up with this stuff? Do you just guess? Do you write your own tax code?

You have to pay taxes if you make a single dollar. Yes, any winnings have to be reported. In fact, if you break even but have winnings and losses they want you to report it.

But if you make any profit, whether it is 10, 100, 1000, 10,000, 100,000, or 1 million - YOU HAVE TO PAY TAXES.

[freebie]

I think he meant you have to fill out a tax form and pay taxes if you win more than 10K at a Casino.

[acw]

The only thing that could happen (very remote chance) is that your bank decides they dont want you as a customer

100% true.

- and if this happens there are about 1000 banks out there waiting for your business.

100% untrue.

And this response makes me laugh.

Never deposit funds received from a casino or lottery winnings.
http://www.myswissadviser.com/en/err...me-comptes.htm

[acw]

So you mean to tell me that in countries like Antigua, England, hell - most of the world - it is legal to gamble but you are "not allowed to receive gambling funds"?

Talking about England what is indeed the banking experience there in regards to gambling related transactions?

[jjgold]

25,000 is chump change to a bank, anyway just get smaller amounts and then deposit.

[tblues2005]

That is what I would do also jjgold just get 5 payments of $5,000 each time and you will be fine.

[LVHerbie]

My recommendation is to reduce your payouts - take $2000 10 times... or $3000 8 times. My only reason for this is if it gets blocked, I'd prefer to lose $2000 wire than a $25000 one. Pay your taxes.


Sean

http://www.irs.gov/irm/part4/ch26s17.html

[louis]

Every day, people sell their cars, homes are bought, and people win jackpots at land based casinos.

There is absolutely no reason to worry about a check for $25,000.

Now, if you want to deposit $25K in cash, that is suspisious. But a check?

You have to be kidding me.

People do it all the time.

Get an account at a big bank where there are a lot of big business clients so they are use to hefty deposits.

[Computer]

Even if you were to have a bank account in Switzerland, you are not allowed to receive gambling funds!

I have exactly the opposite info as what you say here.

[Computer]

yep

i only know i have a contact at swiss major bank, who like gambling money, and i know i will not post it here

[ShamsWoof10]

Citibank now processes wires online to international destinations up to $50,000 per day.

Seems fitting they would add this right after Neteller went down.

Citi has always been gambling friendly. Only bank I have ever had that has never held a check more than 48 hours even from Timbucktoo.

Citi seems to big to give a shit about the feds. Put Citi out of business and the entire country hits a recession..

Sean

This is a very good post...

Thanks